ORANGE COUNTY, CA-The Lovelock LLC investment group has acquired the Garden Grove Center, a 37,091-sf retail center from MRES America Fund for $4.8 million.

Located at 13004-13112 Harbor Blvd., the center is a passive investment for the group, which has no plans to renovate the three buildings currently existing on the property. Of the three buildings, two are multi-tenant pad buildings, both facing Harbor Boulevard. The third building is an in-line shopping center adjacent to Mervyn’s department store.

There are 14 tenants occupying the center, including: Payless Shoe Source, LA Cellular, Dairy Queen, Farmers Insurance, Sizes Unlimited and Hong Kong Express. Only 10%, or about 2,000-sf of space, is currently available for lease.

Charles Dunn Co.’s Irvine and Los Angeles offices represented both the buyer and the seller in the transaction.

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